“Investors are starting to feel a little bit confident here. Maybe overconfident. Maybe almost little bit invincible. And, we’re starting to see some laziness creep into investment strategies,” said Glazer. “That laziness is precisely why at this moment we need the Honest Abe conversation.”

It sounds like a pretty bearish argument. However, Glazer isn’t classifying himself as a bear.

“It’s not so much that we can’t be bullish on the broad U.S. economy because when you look at jobless data, it’s really strong. You look at GDP, it’s strong. Consumer confidence [is at a] multi-decade high. All of those things are really bullish,” he said. “It’s really more a matter of the leadership of the market changing.”

According to Glazer, investors should shift their exposure to value names, particularly groups that typically do well as inflation rises and the dollar weakens. He likes financials, energy and gold. Plus, he suggested hard hit emerging markets are showing signs of a bottom.

“You are starting to see emerging markets coming back. So, that global story is intact. The divergence is dissipating. That’s what you really want to see to see the market go higher,” he added.

His thoughts came as stocks rallied to all-time highs, with the Dow reaching its highest level since January 26.

“It’s so convenient at a cocktail party to say ‘I want to stick with the Nasdaq. I’ll stick with the S&P. I don’t want to know about anything else. Asset prices will go up. There will be no inflation,'” Glazer said. “It doesn’t work that way. You got to get into the global picture.”